Like the old song goes, you gotta know when to hold ‘em, and know when to fold ‘em.
For Kodak’s CEO, it seems like now is the best time to cash in his chips.
Jeff Clarke will be leaving Eastman Kodak Company after leading the company for five years. He will be replaced by company chairman Jim Continenza a man that, according to PetaPixel, was instrumental in Kodak’s efforts to raise capital as well as pioneer new R&D and business opportunities.
Speaking about his new position, Continenza said: “I am thrilled to build upon our Board’s strategic vision and become an integral part of day-to-day operations as the Company continues to execute on its previously announced initiatives…Importantly, I look forward to helping Kodak build long-term value for shareholders as we continue to deleverage our balance sheet, increase operational efficiencies, and maximize the potential of our key growth drivers. …I’d like to thank Jeff for his strong leadership and I’m optimistic about the future of Kodak given our team, our assets and the opportunities ahead.”
One area of growth that the company is looking at seriously is film for the movie industry. Apparently, 32 Oscar-nominated movies were shot on film per the company’s press.
Speaking on his tenure at Kodak, Clarke commented, “It was a privilege to lead Kodak during a time of transition and am pleased to leave the Company in a position of strength after the execution of the agreement to sell our Flexographic Packaging Division…The Board and I mutually agreed that now is the time to hand the reins to new leadership, and I am confident that Jim is the right leader to take the Company to the next phase of its transformation.”
Sentiment on the Internet seems to be largely positive concerning Clarke’s impact on Kodak and many express sadness at his parting.